React.js

Adroitent’s Product Engineering services helped a leading Fintech lender in the US with an Effective Loan Origination and Processing Financial Solution. Key Business Outcomes 90% increase in student engagement Average loan processing time was reduced significantly Enhanced student and customer satisfaction significantly 30% reduction in operational costs About the Customer The customer is a technology-enabled fintech lender headquartered in San Francisco, California that offers tertiary education financing products, including student loan refinancing and private student loans. They offer low-interest loans based on the student’s unique financial profile, including student loan refinancing, private student loans, and personal loans assuring low interest rates. The company empowers past, present, and soon-to-be graduate students to maximize their financial futures through thoughtful guidance and impactful financial products and solutions.  Customer Challenge The customer faced several critical challenges with their legacy loan origination system which included: Cumbersome process: Manual data entry and cumbersome paperwork. Lengthy application processing: Multiple layers of verification lead to longer processing times and dissatisfied customers. Lack of digital experience: Students seeking loans encountereda cumbersome online experience that did not align with fast-paced digital expectations. Regulatory and compliance risks: The customer’s existing system had compliance and risk management issues that required compliance with changing regulatory requirements. High operational costs: Manual interventions at multiple stages of the loan process, increased the operational costs and risk. In order to overcome the above stated challenges, the customer needed a digital savvy loan origination and loan processing financial solution to deliver seamless experience to its students and others. The customer aimed to make their loan services faster, transparent, and more accessible to students and their families, while ensuring compliance with regulatory requirements and improving productivity. Solution Delivered Adroitent partnered with the customer to implement a comprehensive Student Loan Origination and Processing Financial Solution. Teams leveraged advanced financial technology, automation, and cloud integration specifically designed to streamline the entire loan lifecycle. https://adroitent.ai/wp-content/uploads/2024/11/Earnest_Fintech_Loan_Transformation_compressed.mp4 Solution Highlights Architecture and design: Adroitent’s team developed a scalable, efficient, and secure architecture. Teams were involved in the architecture design and development of an effective loan origination and processing financial solution. Database design and implementation: A robust database system was developed to handle complex data securely. Quality assurance: QA team conducted testing to ensure optimal performance, security, and reliability of the solution across all workflows. Build, release, and deploy: Implemented DevOps CI/CD pipelines to build and release iterative cycles for timely deployment. Technology stack leveraged The technology stack included Node.js, REACT.js, Cypress automation tool, Jira, Confluence, AWS infrastructure, RDS, and New Relic. Features developed Loan processing automation: Created workflows to automate the entire loan origination process from application to underwriting. This eliminated manual steps, reducing the time from application to approval, and improved the loan processing for students. Document automation: Dynamically generated loan documents based on applicant information and product terms by automating document signing with e-signatures. Workflow optimization: Enabled real-time tracking of application status and automated notifications to stakeholders. Platform digitalization: Deployed a user-friendly platform that provided students and parents with a seamless digital experience. The application was optimized for speed, allowing users to apply, check eligibility, and track application status in real-time. Regulatory compliance: The platform was made compliant with changing regulations, reducing manual oversight for risk and compliance. Self-service capabilities: The platform included a self-service portal where applicants could upload documents, check loan disbursements, and make payments, increasing customer satisfaction. Business Outcome Quickened loan processing: The average loan processing time was reduced significantly improving the operational efficiency and enhancing the customer satisfaction. Enhanced student engagement and satisfaction: The new digital platform saw a 90% increase in student engagement, with most students completing the application process entirely online. Enhanced compliance and risk management: The customer reported fewer compliance issues, reduced risk of fraud, and achieved greater accuracy in risk assessments. Increased operational efficiency: With streamlined workflows and reduced manual effort, lead to cost savings. Improved customer experience: Faster loan approvals with a seamless digital experience improved the customer satisfaction significantly. Cost savings: Automation and reduced manual processing led to a 30% reduction in operational costs, allowing the institution to reallocate resources towards growth initiatives. 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